[ANN] [XMG] MAGI | CPU mining | mPoW | mPoS | [MagiPay]

[RoningKex]

Hello,

First of all thanks to the Magi team for trying its best at fixing all the problems, glad to see Magi getting back on track.
Second, is there anything special I need to do in order to stake? Whenever I try to stake I get the message "Not staking" instead of the usual "not enough weight".
I am on the latest wallet version and have synced the blockchain correctly.
I haven't sent my coins to another address in a long time because of all the issues, but is it safe to do so right now and will that solve the problem?

Thanks in advance!

[Minerproffi]

Where does the exchange of XMG / BTC work?

[malafaya]

Hello,

First of all thanks to the Magi team for trying its best at fixing all the problems, glad to see Magi getting back on track.
Second, is there anything special I need to do in order to stake? Whenever I try to stake I get the message "Not staking" instead of the usual "not enough weight".
I am on the latest wallet version and have synced the blockchain correctly.
I haven't sent my coins to another address in a long time because of all the issues, but is it safe to do so right now and will that solve the problem?

Thanks in advance!

You probably need to add
posii=1
to you magi.conf file.
I believe the default has changed to 0 (no staking) in a recent wallet version.

[ex33s]

Hello,

First of all thanks to the Magi team for trying its best at fixing all the problems, glad to see Magi getting back on track.
Second, is there anything special I need to do in order to stake? Whenever I try to stake I get the message "Not staking" instead of the usual "not enough weight".
I am on the latest wallet version and have synced the blockchain correctly.
I haven't sent my coins to another address in a long time because of all the issues, but is it safe to do so right now and will that solve the problem?

Thanks in advance!

You probably need to add
posii=1
to you magi.conf file.
I believe the default has changed to 0 (no staking) in a recent wallet version.

That's correct

To enable stake in current wallet version you need to add this in magi.conf

Code:

posii=1

[111magic]

Where does the exchange of XMG / BTC work?

At this moment exchanges have there wallets on maintenance. Will be soon i hope.

[pmsk]

3)
We have decided to have a restriction with maximum 300KH/s per user on our pool. This is to ensure that there is a much more fair coin sharing in our pool when the pool find a block. We would like to avoid that some with huge hash take "everything". Therefore with a limit it will give much more fair sharing of the mined coins in our pool. We don't do this for fun. Not either acting as god. But as simple as to give a fair coin distribution between pool members. And at the same time give a help to the global hash to be more at normal level. Remember that very high hash gives low payback.

Do you really think miners with Mh's cann't create their own private pool without limitation or even solo mining? As I previously said, all these movings return us to McCartyism. After migrating to private pools you ask devs to ban 'non-authorized' pools, ban solo mining, limit blocks per minute. Finally you ask for ID card. War is Peace, Freedom is Slavery, and Ignorance is Strength (c)

Magi already have mechanism to regulate network hashrate. Nobody wants to lose money. If your hashrate is too big - you lose money. Policy "squeeze out" big miners from the pools, depriving themselves of the opportunity to communicate. You cannt ask people do not mine, you can only tell them about non-linear reward per hashrate, so they can reconfigure mining hardware to mine Magi at 50% of power and have no lose.

You ruins Magi with your own hands.

[The Frisian]

Magi already have mechanism to regulate network hashrate. Nobody wants to lose money. If your hashrate is too big - you lose money.
You ruins Magi with your own hands.

You must read better.
It's a pool decision, not a Magi team decision.

[ex33s]

3)
We have decided to have a restriction with maximum 300KH/s per user on our pool. This is to ensure that there is a much more fair coin sharing in our pool when the pool find a block. We would like to avoid that some with huge hash take "everything". Therefore with a limit it will give much more fair sharing of the mined coins in our pool. We don't do this for fun. Not either acting as god. But as simple as to give a fair coin distribution between pool members. And at the same time give a help to the global hash to be more at normal level. Remember that very high hash gives low payback.

Do you really think miners with Mh's cann't create their own private pool without limitation or even solo mining? As I previously said, all these movings return us to McCartyism. After migrating to private pools you ask devs to ban 'non-authorized' pools, ban solo mining, limit blocks per minute. Finally you ask for ID card. War is Peace, Freedom is Slavery, and Ignorance is Strength (c)

Magi already have mechanism to regulate network hashrate. Nobody wants to lose money. If your hashrate is too big - you lose money. Policy "squeeze out" big miners from the pools, depriving themselves of the opportunity to communicate. You cannt ask people do not mine, you can only tell them about non-linear reward per hashrate, so they can reconfigure mining hardware to mine Magi at 50% of power and have no lose.

You ruins Magi with your own hands.

If a pool owner want's limitation on how high hash a user can have, it's up to them. It's not for the team or community to decide, if community disagrees with a pool, they can always mine on another pool
Don't think Magi team will ever disallow private pools (read non-authorized) nor solo-mining (which is basically the same as private pool).
But you are right about it's all about giving out right information on how the mechanism work so all can profit from mining and keep the block reward at a peak level. And yes, if high

Every thing has two sides, and here's how i think they operate.

When block reward is ~10xmg, they accumulate as much as they can. When they are ready to offload their earnings from mining, they give full power. This will lower block reward but also and more important, it will increase the demand for magi since it's easier to buy then to mine in that case. This in turn causes the price to go up. When they think the price is good enough, they sell and get's back to normal mining.

They can't do that now because of exchanges have their wallets in maintenance mode and not allowing transfer of xmg to exchanges. So now is actually a pretty good time to create a high demand of xmg then to create a high supply of magi.

It's what i'm thinking.

[Cyboria]

...

If a pool owner want's limitation on how high hash a user can have, it's up to them. It's not for the team or community to decide, if community disagrees with a pool, they can always mine on another pool
Don't think Magi team will ever disallow private pools (read non-authorized) nor solo-mining (which is basically the same as private pool).
But you are right about it's all about giving out right information on how the mechanism work so all can profit from mining and keep the block reward at a peak level. And yes, if high

Every thing has two sides, and here's how i think they operate.

When block reward is ~10xmg, they accumulate as much as they can. When they are ready to offload their earnings from mining, they give full power. This will lower block reward but also and more important, it will increase the demand for magi since it's easier to buy then to mine in that case. This in turn causes the price to go up. When they think the price is good enough, they sell and get's back to normal mining.

They can't do that now because of exchanges have their wallets in maintenance mode and not allowing transfer of xmg to exchanges. So now is actually a pretty good time to create a high demand of xmg then to create a high supply of magi.

It's what i'm thinking.

You are absolutely right. I've noticed the same pattern. When the block rewards are around 10-11 XMG per block, the net hash increases drastically (almost doubles) for as long as the high reward blocks are there. And drops drastically again when the block rewards become low.
I believe this is a result of the block rewards not immediately following the current hashrate/difficulty. Block rewards only change after a certain amount of blocks being mined on a high net hashrate.
The issue here is that when the block rewards are high, the difficulty becomes high (due to botnets?) and the chance that we (having around 100-200 KH/s hash rate) almost have no chance to actually mine blocks as the found blocks in our pool are nihil compared to the total blocks found.
Those botnets are somehow able to influence the request/demand cycle which is not so good ...
Anyways, just my two cents.

[ex33s]

...

If a pool owner want's limitation on how high hash a user can have, it's up to them. It's not for the team or community to decide, if community disagrees with a pool, they can always mine on another pool
Don't think Magi team will ever disallow private pools (read non-authorized) nor solo-mining (which is basically the same as private pool).
But you are right about it's all about giving out right information on how the mechanism work so all can profit from mining and keep the block reward at a peak level. And yes, if high

Every thing has two sides, and here's how i think they operate.

When block reward is ~10xmg, they accumulate as much as they can. When they are ready to offload their earnings from mining, they give full power. This will lower block reward but also and more important, it will increase the demand for magi since it's easier to buy then to mine in that case. This in turn causes the price to go up. When they think the price is good enough, they sell and get's back to normal mining.

They can't do that now because of exchanges have their wallets in maintenance mode and not allowing transfer of xmg to exchanges. So now is actually a pretty good time to create a high demand of xmg then to create a high supply of magi.

It's what i'm thinking.

You are absolutely right. I've noticed the same pattern. When the block rewards are around 10-11 XMG per block, the net hash increases drastically (almost doubles) for as long as the high reward blocks are there. And drops drastically again when the block rewards become low.
I believe this is a result of the block rewards not immediately following the current hashrate/difficulty. Block rewards only change after a certain amount of blocks being mined on a high net hashrate.
The issue here is that when the block rewards are high, the difficulty becomes high (due to botnets?) and the chance that we (having around 100-200 KH/s hash rate) almost have no chance to actually mine blocks as the found blocks in our pool are nihil compared to the total blocks found.
Those botnets are somehow able to influence the request/demand cycle which is not so good ...
Anyways, just my two cents.

That's their plan.

When you decide to invest in magi, you have two options. Buy or mine. If you think you can't get anything from mining, you buy. And with that the price goes up.
So then you are actually following their plan.

[Smarty14392]

Wow, for us the standard seems to be around 0.25% for an instant access savings

It because your currency is fairly stable, our is not  
And other hands - you can get credit for 1%-2%  and we get for 12%-13% mortgage

If we were smart, instead of staking we would sell all of our XMG and put the money in Argentina banks 

We can always earn more by stalking rather than saving funds in the bank. Bank gives us interest rate depending on our currency or our country. Bank does not give much interest rate as compared to staking. Here i can get a good interest rate of maybe 7% but not much as bitcoin/altcoin staking.

[starmman]

That's their plan.

When you decide to invest in magi, you have two options. Buy or mine. If you think you can't get anything from mining, you buy. And with that the price goes up.
So then you are actually following their plan.

Looks like a difficult one to get out of without the algorithm changing to react much more quickly to hash rate changes - I wouldn't be surprised if they found another way to circumvent the algorithm once changed too. I certainly don't fancy recommending crashing the price to reduce the incentive.

[ex33s]

That's their plan.

When you decide to invest in magi, you have two options. Buy or mine. If you think you can't get anything from mining, you buy. And with that the price goes up.
So then you are actually following their plan.

Looks like a difficult one to get out of without the algorithm changing to react much more quickly to hash rate changes - I wouldn't be surprised if they found another way to circumvent the algorithm once changed too. I certainly don't fancy recommending crashing the price to reduce the incentive.

They still need to keep it balanced, why else all the trouble of doing this? But i can be dead wrong on this too

For this thought to work, they need to organize and keep the balance and as long as they are making $ on it, they will continue doing it.

But it's the more probable explanation i can think of regarding the ups and downs of the block value. 

[pmsk]

3)
We have decided to have a restriction with maximum 300KH/s per user on our pool. This is to ensure that there is a much more fair coin sharing in our pool when the pool find a block. We would like to avoid that some with huge hash take "everything". Therefore with a limit it will give much more fair sharing of the mined coins in our pool. We don't do this for fun. Not either acting as god. But as simple as to give a fair coin distribution between pool members. And at the same time give a help to the global hash to be more at normal level. Remember that very high hash gives low payback.

Do you really think miners with Mh's cann't create their own private pool without limitation or even solo mining? As I previously said, all these movings return us to McCartyism. After migrating to private pools you ask devs to ban 'non-authorized' pools, ban solo mining, limit blocks per minute. Finally you ask for ID card. War is Peace, Freedom is Slavery, and Ignorance is Strength (c)

Magi already have mechanism to regulate network hashrate. Nobody wants to lose money. If your hashrate is too big - you lose money. Policy "squeeze out" big miners from the pools, depriving themselves of the opportunity to communicate. You cannt ask people do not mine, you can only tell them about non-linear reward per hashrate, so they can reconfigure mining hardware to mine Magi at 50% of power and have no lose.

You ruins Magi with your own hands.

If a pool owner want's limitation on how high hash a user can have, it's up to them. It's not for the team or community to decide, if community disagrees with a pool, they can always mine on another pool
Don't think Magi team will ever disallow private pools (read non-authorized) nor solo-mining (which is basically the same as private pool).
But you are right about it's all about giving out right information on how the mechanism work so all can profit from mining and keep the block reward at a peak level. And yes, if high

It's mean limiting doesn't make sense. MH's on private pool have similar effect on difficulty as MH's on public pool. To solution a global problem here must be global rules. We have only one rule - alghoritm. Limiting on pools works only with lazy idiots, who have many PC's under control, but know nothing about own pool/solo mining. Non-linear reward is not a miners problem, but a magi fundamental "feature".

Every thing has two sides, and here's how i think they operate.

When block reward is ~10xmg, they accumulate as much as they can. When they are ready to offload their earnings from mining, they give full power. This will lower block reward but also and more important, it will increase the demand for magi since it's easier to buy then to mine in that case. This in turn causes the price to go up. When they think the price is good enough, they sell and get's back to normal mining.

They can't do that now because of exchanges have their wallets in maintenance mode and not allowing transfer of xmg to exchanges. So now is actually a pretty good time to create a high demand of xmg then to create a high supply of magi.

It's what i'm thinking.

And nothing you can do. Rules written by the victors. You have only two variants - play this game or not. Silly to blame miners because of magi alghorithm.

[gogo3a]

I really need to trade my XMG to BTC what can I do I have 953 XMG to trade thats about $250 BTC

[ex33s]

Every thing has two sides, and here's how i think they operate.

When block reward is ~10xmg, they accumulate as much as they can. When they are ready to offload their earnings from mining, they give full power. This will lower block reward but also and more important, it will increase the demand for magi since it's easier to buy then to mine in that case. This in turn causes the price to go up. When they think the price is good enough, they sell and get's back to normal mining.

They can't do that now because of exchanges have their wallets in maintenance mode and not allowing transfer of xmg to exchanges. So now is actually a pretty good time to create a high demand of xmg then to create a high supply of magi.

It's what i'm thinking.

And nothing you can do. Rules written by the victors. You have only two variants - play this game or not. Silly to blame miners because of magi alghorithm.

Well, you are wrong there. Information can always be given. It's matter of you listen or not.

But on the bigger picture, no - I can't do a thing but give information.

Why are you against magi?

[seyola89]

i read through Magi OP summary and it sounds good to me. with segwit, new wallet and magipay gateway coming soon, I am going to buy some magi coins and hold for good profits

[starmman]

i read through Magi OP summary and it sounds good to me. with segwit, new wallet and magipay gateway coming soon, I am going to buy some magi coins and hold for good profits

Welcome to the Magi community Seyola89 - Magi is a great coin - but be aware there are currently some temporary wallet issues making it difficult to move magi out of exchanges, the devs are working on it.

[pmsk]

Every thing has two sides, and here's how i think they operate.

When block reward is ~10xmg, they accumulate as much as they can. When they are ready to offload their earnings from mining, they give full power. This will lower block reward but also and more important, it will increase the demand for magi since it's easier to buy then to mine in that case. This in turn causes the price to go up. When they think the price is good enough, they sell and get's back to normal mining.

They can't do that now because of exchanges have their wallets in maintenance mode and not allowing transfer of xmg to exchanges. So now is actually a pretty good time to create a high demand of xmg then to create a high supply of magi.

It's what i'm thinking.

And nothing you can do. Rules written by the victors. You have only two variants - play this game or not. Silly to blame miners because of magi alghorithm.

Well, you are wrong there. Information can always be given. It's matter of you listen or not.

But on the bigger picture, no - I can't do a thing but give information.

Why are you against magi?

I'm not against magi, in this case I wouldn't be here. I against moronic "Gods" with moronic rules, who tries to "fix" magi "features" with administrative pressure. Do you want petty tyranny reputation for magi? I'm not.

Currently, magi have a great balance - botnets have no advantages over home users. With 10 Mh you have not 100x coins over home user with 100kh - all have nothing. So, big miners cannt mine everyday with full power. Here is "swing", but it's better situation then (for example) bitcoin - 5% buy Radeons - and CPU mining died, 5% buy asic - and Radeon's mining died. Botnet can increase difficulty to 4 or even 10, but botnet admin will have nothing. All have nothing. But in long-term perspective everyone can mine coins, because nobody wants to lose, botnet owners too.

It will be mich more interesting to put info about hashrate/reward to every pool. And ask home users (with hashrate <200k) do not stop mining even with zero profit. The only way we can defeat the botnets.

[xinwao]

Please post when Bittrex allow to deposit. Thx.

Any ETA for Bittrex?